Whitegate bosses say oil refinery is not for sale

The local management of Ireland’s only oil refinery in Whitegate Cork, Philips 66 has denied that any sale of the plant is under way.

The oil refinery, which produces more than a third of the nation’s refined oil, had been believed to be on the market following comments from the vice president of refining with Philips 66, Larry Ziemba. Mr Ziemba told a Bank of America Merrill Lynch refining conference that Philips 66 would entertain offers for its refineries in Europe and Asia.

However, yesterday a spokesperson for the company said that there was no sale under way.

“There is no sales process under way currently for the Whitegate refinery,” a company spokesperson for Philips 66 said.

Mr Ziemba described the Irish facility as not very sophisticated, despite the crucial role it plays in the Irish fuel infrastructure.

“We’ve got a refinery in Ireland that is small, and not sophisticated. It really can’t compete in Europe,” he said.

Mr Ziemba had told the conference that Philips 66’s smaller refineries would be up for sale.

“If we got the right price for them, they are really not strategic,” he said.